On April 19, 2024 (the Closing Date"), Landsea Homes Corporation, as borrower, entered into that certain amended and restated credit agreement (the Credit Agreement") with Bank of America, N.A., as Administrative Agent and letter of credit issuer, U.S. Bank National Association as Joint
Lead Arranger and Syndication Agent, BofA Securities Inc., as Joint Lead Arranger and a Sole Bookrunner and a syndicate of banks and financial institutions (the Lenders"). Capitalized terms used without definition are defined in the Credit Agreement. On the Closing Date, Western Alliance Bank resigned as Administrative Agent under the Credit Agreement and the Company terminated the commitments of, and repaid all borrowings outstanding and owed to, Western Alliance Bank and Flagstar Bank, N.A. The Credit Agreement provides for a senior unsecured revolving credit facility of up to $355.0 million, consisting of revolving loans and letters of credit. The Credit Agreement also includes an uncommitted accordion feature whereby the Company may increase the Revolving Commitment in increments of not less than $5.0 million, up to an aggregate amount not to exceed $850.0 million, subject to certain conditions. The Revolving Facility matures on April 19, 2027, unless the Company requests, and the requisite Lenders agree, to extend it pursuant to its terms. The Revolving Facility is guaranteed by each direct or indirect subsidiary of the Company (other than Unrestricted Subsidiaries) and each Restricted Affiliate of the Company, as specified in the Credit Agreement; and will be guaranteed by certain future subsidiaries and affiliates of the Company as the Company may designate from time to time, in each case, subject to the limitations thereon set forth in the Credit Agreement. Under the Credit Agreement, the Company is subject to (i) customary affirmative and negative covenants,
including, among other things, covenants related to indebtedness, incurrence of liens, fundamental changes,
restricted payments investments and financial covenants, tested quarterly. The Company and its subsidiaries
(other than Unrestricted Subsidiaries) must also comply on a quarterly basis with, among other things, a maximum
0.60 to 1.00 Leverage Ratio. The Credit Agreement also contains customary events of default, which could
trigger the acceleration of repayment of all borrowings thereunder, including, among other things, failure to
pay principal, interest, fees or other amount, covenant defaults, material inaccuracy of representations and
warranties, bankruptcy events, and a change of control of the Company. If an event of default occurs, the
commitments of the Lenders to lend under the Credit Agreement may be terminated and the maturity of the amounts owed may be accelerated.